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Bengaluru-based cab-hailing firm Ola, run by ANI Technologies Pvt. Ltd, has raised $330 million (Rs 2,200 crore) in fresh funding led by existing investor SoftBank Group Corp, a media report said on Monday.

Citing sources it did not identify, Business Standard reported that the Japanese tech giant and two other existing investors participated in the round, but the cab aggregator’s valuation dropped 30% from $5 billion to $3.5 billion.

Ola did not respond to an email seeking comment. A SoftBank spokesperson, in an email reply, told VCCircle: “We do not comment on speculation.”

Ola has been trying to raise funds for several months as competition with the local unit of US-based Uber Technologies Inc. intensifies.

The company, however, has been burning a huge amount of cash to woo customers, gain market share and compete with Uber.

Ola posted a seven-fold rise in revenue to Rs 380.2 crore in 2014-15 from Rs 49.6 crore in 2013-14. But its net loss widened to Rs 754.8 crore from Rs 34.2 crore, as total expenditure rose 14 times to Rs 1,173 crore. The company’s numbers for 2015-16 were not available.